Here we look at the 40 most common mistakes made by negotiators …..
- Failing to prepare effectively for negotiation
- Underestimating your own power
- Assuming the other party knows your weaknesses and strengths
- Being intimidated by the status of the person with whom you are negotiating
- Concentrating on your problems, rather than those of the other party
- Forgetting the other side has things to gain from agreement, as well as yourself
- Making assumptions about what the other side wants
- Having low aspirations for yourself
- Giving too much credence to time deadlines set by the other side
- Assuming the other side is aware of the short and long-term benefits of reaching agreement
- Being intimidated by rules set by the other side
- Misunderstanding tactics used by the other side
- Talking too much
- Failing to listen effectively
- Believing everything the other side says about you, your service, your competition, etc.
- Being forced into discussing price too early in the negotiation
- Revealing your “hand” too early
- Aiming too low with your opening bid
- Accepting the first offer
- Giving away concessions for nothing
- Conceding an important issue too quickly
- Making concessions too easily and raising the other side’s expectations
- Feeling guilty about asking for a concession
- Making concessions before knowing all the other sides’ demands
- Failing to make concessions conditional on final agreement being reached
- Making concessions of equal size to those on offer
- Paying too much attention to price, rather than value
- Discussing issues for which you are not prepared
- Being inflexible
- Losing sight of the overall agreement when deadlock is reached over minor issues
- Responding to a high demand with a counter offer, instead of challenging the validity of the high demand
- Assuming deadlock means agreement is not possible
- Feeling deadlock is only unpleasant for you and not the other party
- Trying to be liked during the final stages
- Bluffing without having a strategy ready should your bluff be called
- Taking things personally
- Offering to split the difference
- Being intimidated by “This is my final offer”!
- Not preparing for the possibility you may need to walk away
- Carrying out a “post-mortem” with the other side